SEOUL-- South Korea's state-run deposit insurer said Thursday that it has completed the sale of a 9.33 percent stake in Woori Financial Holdings Co.
In a press release, the Korea Depository Insurance Corp. (KDIC) said around 67.94 million shares of Woori Financial Holdings were sold to the previously-chosen five investors for 897.7 billion won (US$765 million).
Last month, the KDIC selected the five investors, including private equity firm Eugene PE, for those shares put on sale as part of efforts to privatize Woori Financial.
Thursday's sale brought the KDIC's stake in the financial firm down to 5.8 percent.
The Financial Services Commission has said the rest of the KDIC's stake in Woori Financial will be sold "swiftly" in consideration of market conditions.
With the latest sale, the KDIC said that it has recouped 12.3 trillion won, or 96.6 percent, of 12.8 trillion won spent to keep Woori Finance afloat in the aftermath of the 1997-98 Asian financial crisis. Woori Finance was renamed Woori Financial in early 2019.
Source: Yonhap News Agency